Horizon Global Corp. — a manufacturer of branded towing and trailering equipment, including Draw-Tite, Reese and Bulldog products — has announced major changes to its board of directors. According to the company, the moves fulfill obligations related to its recently completed $51-million second-lien term loan.
The board has six new independent directors …
• John Kennedy. (Kennedy has been appointed chair).
• Fritz Henderson.
• Ryan Langdon.
• Brett Milgrim.
• Mark Weber.
• Harry Wilson.
Kennedy is the president and CEO of Autocam Medical, a privately held contract manufacturer of precision-machined implants and instruments for surgical applications, which he founded in 2005. He previously was the president and CEO of Autocam Corp., which he founded in 1988.
Henderson is chair of the board of directors at Adient PLC, an automotive parts manufacturer focused on seating and interiors. He previously was Adient’s interim chief executive. He also is a principal with The Hawksbill Group, which provides advisory services to clients in public policy, manufacturing, global operations and strategy. Henderson’s background includes time as the president and CEO of General Motors and as a senior vice president of Sunoco.
Langdon is the senior managing director and co-founder of Newport Global Advisors, an alternative investment firm specializing in turnaround and special situation investments. Prior to that, he was a managing director and portfolio manager in the high yield group at AIG Global Investment. Langdon also serves on the board at Autocam Medical.
Milgrim is co-chair of the board at the Loar Group, a privately held aerospace components manufacturer. Milgrim is a former managing director of JLL Partners, a private equity firm focused on leveraged buyout transactions and leveraged recapitalizations of mid-market companies. He also was an associate at Donaldson, Lufkin & Jenrette Securities Corp., a firm that provides investment banking and security brokerage services.
Weber is the senior vice president and chief operating officer of Federal Signal Corp., a global manufacturer of environment cleaning equipment, emergency signaling systems and industrial warning equipment. He is a former president and CEO of Supreme Industries.
Wilson is the founder and CEO of the MAEVA Group, a turnaround and restructuring firm. He also was a senior advisor to President Obama’s Automotive Task Force, where he had lead responsibility for the restructuring of GM. Wilson also has been a partner at Silver Point Capital and worked in the private equity group at Blackstone. He currently serves on the board of directors of Visteon Corp.
Four of Horizon Global’s directors have retired, effective immediately. They are …
• Richard DeVore.
• Scott Kunselman.
• Richard Siebert.
• Maximiliane Straub.
Carl Bizon, Denise Ilitch and David Roberts will continue to serve as directors of Horizon Global.
The moves expand the board’s membership to nine directors, eight of whom are deemed to be independent. It’s worth noting that several of the new board members are shareholders of Horizon Global.